How Possible Is It For Bitcoin To Collapse The Fiat Currencies System

We are all pretty much aware of how influential the word cryptocurrency has been in recent years, of how volatile it is and how it’s an alternative to traditional finance when we talk about remittances and preservation of wealth.

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There have been several bullish predictions to the primary digital asset bitcoin with some of its failed projects of it reach $100k before the end of 2022, and also it reaching 1 million dollars in value has predicted by Cathie wood from ARK invest.

A renowned crypto analyst Woo is riding on this saying that if bitcoin hits 1 million in asset value it will crash the fiat currency system.

“Bitcoin price above say $1 million per coin could be very unstable. (ARKInvest among others predicts $1 million per coin.) At these corresponding capitalizations BTC becomes a true challenger to fiat, thus it’s a price range where fiat collapses.”

He says if bitcoin is able to achieve this the government will play it’s part in pushing down the price just to protect the dominance of fiat currencies.

“Thus the forces pushing BTC pricing becomes binary, like breaking the sound barrier. There’s increasing bearish pressure on BTC as it approaches fiat market caps, while governments suppress it. If the barrier is broken, BTC gets bullish pressure and escapes towards infinity.”

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